It is unfortunate that climate change is such a political hot button when it is such a good tool to build wealth. Much of what I say will cause righteous indignation from both sides of the political isle. Good thing we will have a full wallet to sooth our nerves.
Too much focus is on “if” there is climate change and how much is “human” caused. These are the wrong questions to ask and the reason why so little is being done to remedy problems climate change can bring.
Since we are discussing a difficult issue I will start by outlining where I stand on climate change (no throwing tomatoes). Then I will show some reports of fear mongering that are really exciting economic reports we should all want if that is as bad as it gets. We will finish with an actionable plan to deal with climate change on a personal level and investments.Read More
The crisis in the accounting industry is self-feeding. The worse it gets the more workload is shoved onto the desks of the remaining souls. Stress is taking a toll.
Several support groups for tax professionals exist on social media platforms. Tax season reveals a serious level of stress for practicing tax professionals. Complaints of long hours and clients unwilling to pay higher fees to compensate for the added complexities of the new tax laws has more professionals looking to leave the industry.
And it isn’t the tax pros facing the worst pinch. The ultimate loser is the client. With fewer experienced tax professionals accepting clients it has put taxpayers at risk. The IRS knows taxpayers have limited choices when defending themselves in an audit which means the IRS’ advantage is larger than ever.Read More
Once I digested that it was only a number I decided to do what I always did. I try lots of things, grow my business and expand my sources of income, much of it passive.
You see, I learned the most important step of all: It’s the journey that matters, not the destination. And I had the best mate in the world along for the ride.
It was that day when I was a 32 year old man that I learned to live life for the first time. Live, for Real.Read More
What is the largest expense you’ll have in your life?
Some will say it’s the purchase of their home or their college education. Others, thinking about it a while, feel transportation expenses lead the list of lifetime expenses. You would be justified in thinking medical costs, including medical insurance, are the biggest expense you will face in life.
Yet none of these expenses are close to what you will pay in taxes over a lifetime.
Taxes will consume over half of what the average American earns over a lifetime. This means no other expense can possibly be larger.
The list of taxes in nearly inexhaustible: federal income taxes, state income taxes, sales taxes, excise taxes, payroll taxes, property taxes and now tariffs are being added to the costs of many goods you buy.Read More
There is a reason the emergency fund — and her close cousins the sinking fund, maintenance account and working capital account — is such a widely held belief. Without the capital needed for extraordinary expenses you risk financial hardship when a large expense arises.
There is another advantage to having these accounts: avoiding the need to borrow at an unexpected times. Business owners understand the advantage of having adequate working capital. They also understand that a financial cushion is more than just a convenience in business. Adequate working capital can remove or eliminate the need to borrow under extreme situations.
The best part of an emergency fund is that you get paid a token amount of interest as you wait for the inevitable versus paying interest because you didn’t plan accordingly. This affects profits.Read More
You might notice the bloggers spouting the same gibberish get picked up by mass media outlets while your favorite blog (that had better be this one!) gets nary a mention. The reason for this is people prefer the familiar to an honest answer that could make a real difference.Read More
Regardless how experienced or educated you are you will still make financial mistakes, some of them humdingers. Personal finance blogs and media outlets frequently share basis financial mistakes to avoid: spend less than you earn, invest in index funds, avoid debt and so forth. All this is good advice, but it goes a lot deeper than this.Read More
Debt can destroy any dreams you have of a financially independent future. That is why it is so important to reduce debt and even maintain a relatively high credit score.Debt is and of itself isn’t the entire problem. Excessive debt is a drag on wealth creation, but what debt does to the household budget is even more damaging than the original debt itself.And debt can sneak up on anyone. Student loans, medical bills, job loss or a failed business venture can turn a bad situation into a nightmare even bankruptcy can’t deliver you from.Once calamity strikes it is near impossible to shake the effects in every financial aspect of your life. A medical issue or mounting student loans can lower your FICO score which leads to higher costs in almost every other area of your life. Auto and homeowners insurance rates are higher for those with lower FICO scores. Many landlords refuse to rent to people with a FICO score below a certain level or charge a higher rent.Read More